Question : Simple interest received by a person in 10 years on a principal of Rs. 9500 is 130% of the principal. What is the rate of interest (in percent) per annum?
Option 1: 12
Option 2: 13
Option 3: 15
Option 4: 19
Correct Answer: 13
Solution :
Given:
Principal = Rs. 9500
Time = 10 years
Formula Used:
SI=$\frac{\text{PRT}}{100}$
Calculation:
Let the rate of Interest be R.
SI = $\frac{9500 \times 10 \times R}{100}$
Now we know the interest received is 130% of 9500 = $\frac{130 \times 9500}{100}$
$\therefore \frac{9500 \times 10 \times R}{100} = \frac{130 \times 9500}{100}$
R = 13%
Hence, the correct answer is 13%.
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